AM Best Assigns Credit Ratings to Glencar Insurance Company

AMSTERDAM–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A+ (Superior)
and a Long-Term Issuer Credit Rating of “aa” to Glencar Insurance
Company (GIC) (Milwaukee, Wisconsin, USA), a wholly owned subsidiary of
Hannover Rück SE (Hannover Re). The outlook assigned to these Credit
Ratings (ratings) is stable.

The ratings reflect GIC’s strategic importance to and integration within
the Hannover Re group, and thereby the ratings reflect Hannover Re’s
balance sheet strength, which AM Best categorises as strongest, as well
as its strong operating performance, very favourable business profile
and very strong enterprise risk management.

GIC is a newly established subsidiary of Hannover Re, which provides the
group a primary platform to access business within the United States, in
addition to flexibility to adapt to changes in the operating environment
to protect Hannover Re’s existing franchise within the United States. At
present, the company can operate in most states and expects to have
admitted licenses or reinsurance accreditations for 50 states by
year-end 2019. GIC benefits from explicit parental support through a
significant stop-loss reinsurance cover from Hannover Re.

GIC commenced writing specialty admitted agency business in the United
States in 2018 through its associated managing general agent, Glencar
Underwriting Managers, in order to support Hannover Re’s plans to expand
its share in selected specialty niche markets. The company is expected
to write some of the admitted niche business on a direct basis in 2019.
In addition, GIC assumed business of HDI Global Insurance Company, a
group affiliate.